ShipRecycling Pages:

17 January 2012

GMS weekly report on INDIAN shipbreaking industry for week 02 of 2012:

Some signs of a market recover}' began to filter
through this week as a greater overall aggression to buy, coupled with an
improving steel plate prices and inklings of gains on the currency front helped
drive up demand and prices.

Even though the Indian rupee had lost upwards of 15%
of its value against the US dollar over a tumultuous recent past, Cash Buyer
speculation was life this week as prices for units on offer continued to
escalate during the negotiations, only to be eventually wrapped up at entirely
unexpected levels.

Some of the high profile deals concluded over the
course of the week included the UASC owned container vessel AL IHSA'A (12,861
LDT), picking up a substantial USD 501/LT LDT 'as is' Khor Fakkan - Fujairah
range, with sufficient fuel for the voyage to West Coast India. Additionally,
the TSAKOS container under negotiation saw similarly impressive numbers for
deliver}' WC India.

LPGs with Stainless Steel too saw big numbers this
week as the NORGAS ENERGY was sold at a very high price basis "as is"
Singapore. Logically, the 800 tons of solid Stainless Steel onboard did
everything to ensure the owners walked away with top dollar. Additionally, Odfjell
too were reported to have sold their BOW PROSPER (12,200 LDT with some 250 T
stainless steel on board), presumably for green recycling, whilst the floating
FPSO SEA CAT (14,184 LDT) has been picked up at USD 441/LT LDT 'as is' Malaysia. With Bangladesh's immediate future hanging in limbo, we
suspect the SEA CAT to end up in India.